Health Insurance Tax Benefits Under Section 80D
3611
3 min read
A health insurance plan has become a necessity in today’s age when diseases and illnesses have become rampant. The medical expenses are so high that they give a common middle-class man a run for his money. A health plan, by meeting the medical costs, provides the much-needed relief from the financial strain which a medical emergency brings. Besides being a financial reliever, did you know that a health insurance plan saves your taxes too?
Yes, if the coverage benefits were not reason enough, the tax-saving angle might further motivate you to invest in a health insurance plan. Do you know the health insurance tax benefit which you can get from a health plan? Let’s find out:
As per the regulation of Section 80D of the Income Tax Act, the premiums paid for a health insurance plan are exempted from your taxable income. There is a maximum limit on the exemption amount available. This limit depends on age and the members covered. The maximum exemption which you can avail is Rs.60, 000. Let’s understand how:
Visual Stories by Mahindra Paybima
List of Tax Exemptions on Health Insurance:
| If you buy an individual health insurance plan for yourself or a family floater plan covering yourself, your spouse and dependent children | You get a maximum exemption of Rs.25,000 |
| If you are senior citizen (above 60 years of age) and you cover yourself and your family | The exemption limit increases and you get a maximum exemption of Rs.30, 000 |
| If you are not a senior citizen and you cover yourself, your family and your parents who are also not senior citizens | You get a maximum exemption of Rs.25, 000 for yourself and your family and an additional exemption of Rs.25, 000 for buying a plan for your parents. Thus, your total exemption limit becomes Rs.50, 000 |
| If you are not a senior citizen yourself but your parents are senior citizens and you buy a health plan for yourself, your family and your parents | You get a maximum exemption of Rs.25, 000 for yourself and your family. The additional exemption for parents would increase to Rs.30, 000 since they are senior citizens. Thus, your total exemption limit becomes Rs.55, 000 |
| If you are a senior citizen, your parents are senior citizens and you buy a plan for yourself, your family and your parents | You get a maximum exemption of Rs.30, 000 for yourself and your family. Another additional exemption of Rs.30, 000 would be allowed for health insurance of senior citizen parents. Thus, your total exemption limit would become Rs.60,000 |
So, if you invest in a health insurance policy, you can reduce your taxable income by up to Rs.60, 000. Isn’t this a sweet deal?
Choose wisely!
Also read:
Found this post informational?
Browse Mahindra Paybima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra Paybima to Buy Insurance Online.
Also, check out the Mahindra Paybima’s Guide and Glossary section –
Other Health Insurance Products
Author Bio
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Related Blogs
Universal Health Coverage Day: Bridging Gaps for a Healthier World
Universal Health Coverage Day is observed every year on December 12 to make sure that people around the world can have access to high-quality health services.
-
Nov 27, 2023 -
3 min read
Nov 27, 2023
3 min read 
How to Protect Yourself with Health Insurance Against Respiratory Diseases Caused by Increasing Air Pollution
The quality of air continues to deteriorate in India, especially in the northern region with the air quality index (AQI) in the critical category. This.
-
Nov 14, 2023
-
3 min read
A Nutrient-Rich Guide to Healthy Diwali Eating
From cleaning and renovations to decorations and get-togethers to eating delectable cuisines and sweets, Diwali is a time to indulge in all these and more..
-
Nov 10, 2023
-
3 min read
Free Ka Gyaan Campaign by Mahindra PayBima
Being insured is important but the process of buying insurance is critical. Always go for the right recommendation through the right channel. For buying insurance,.
-
Oct 16, 2023
-
3 min read
Navratri’s Nine Blessings: How Health Insurance Mirrors the Forms of Devi Durga
A vibrant land of cultural coalesce, India amuses the world with its unique values and diversity. The festivals play a significant role in this regard..
-
Oct 12, 2023
-
3 min read
Group Health Insurance Coverage Post-Retirement – Check Requirement and Cost Involved
Insurance is an indispensable requirement. However, not everyone can afford individual medical insurance to stay covered against major uncertainties, especially after retirement. If that is.
-
Aug 23, 2023
-
3 min read
Critical Illness Insurance vs Cancer Insurance: Check Benefits, Inclusions/Exclusions, Features and Differences
Cancer is a disease that needs no introduction. We all know how deadly the disease is and how rapidly it is spreading across the world,.
-
Aug 22, 2023
-
3 min read
GST Waiver for NRI on Health Insurance Premium – Check Eligibility & Documents Required for GST Refund on Health Insurance for NRIs
Like in other products, GST is levied on health insurance policies too. But did you know that an NRI or non-resident Indian with a health.
-
Aug 18, 2023
-
3 min read
How is Your Health Insurance Premium Determined?
Health insurance provides financial support during medical and health emergencies. To continue availing the coverage benefits of a health insurance plan, it is required to.
-
Aug 16, 2023
-
3 min read
List of Common Antibiotic Medicines, Their Types and How to Consume?
Antibiotics are like marvels of medical sciences which have transformed the healthcare sector by limiting some of the deadly infections. From the earliest discovery of.
-
Aug 09, 2023
-
3 min read
Latest Posts
A Nutrient-Rich Guide to Healthy Diwali Eating
Nov 10, 2023Free Ka Gyaan Campaign by Mahindra PayBima
Oct 16, 2023How is Your Health Insurance Premium Determined?
Aug 16, 2023Top 10 Family Health Insurance Plans 2023 in India
Jul 23, 2023Common Exclusions in Health Insurance Policy
Jul 18, 2023Claim Settlement Ratio of Niva Bupa Health Insurance
Jul 03, 2023Calculators
Health Insurance Guide and Glossary
- Health Insurance Benefits
- Why Employer Health Insurance is not Enough?
- Factors that Affect Health Insurance Premium
- What is a Pre-Existing Disease?
- What is Copay?
- What are Pre- and Post-Hospitalization Expenses?
- Restoration Benefit in Health Insurance?
- Day Care Treatments Under Health Insurance
- Preventive Health Care & Checkups
- What is No Claim Bonus in Health Insurance?
- What is Critical Illness Insurance Cover?
- Health Insurance with Maternity Cover
- OPD Cover Means in Hospital?
- What is Super Top Up Health Insurance?
- What is Hospital Cash Insurance?
- Free Look Period in Health Insurance
- Waiting Period in Health Insurance
- Do's and Don'ts for Medical Insurance Policy
- Best Health Insurance for Parents
- Important Questions to ask While Buy Health Insurance in India
Top Insurance Companies View All
Motor Insurance
Health Insurance
Life Insurance
Investment Plan
PayBima Blogs
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.
Get A Call Back